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The consortium poised to take over National League club Southend United are optimistic that the deal can be "brought to closure shortly".

It was originally hoped that 1 November would be the completion date, but "legal formalities" caused a delay.

A small group of fans staged a protest on Tuesday about the situation.

But in a statement, businessman Justin Rees, who heads the consortium, said the "last of the outstanding matters" had "now been resolved".

The Australian added: "We will provide confirmation of the exact completion date once it is locked in.

"And in parallel we will work with the HMRC (HM Revenue & Customs) and National League to arrange for the lifting of the transfer embargo on the day the takeover is finalised."

Club chairman Ron Martin has owned the Shrimpers - who have faced a series of winding-up petitions in recent seasons - for 25 years but said in March that he was putting the club up for sale.

It was announced on 3 October that the consortium led by Rees would be buying the club, but several completion dates have since passed.

Other members of the consortium include Hong Kong-based hedge fund manager and lifelong supporter Jason Brown, businessman John Watson, who has been a season ticket holder for over 40 years, sport engagement company founders David Kreyling and Tom Arnold, and Southend United Community & Educational Trust chairman Gary Lockett.

On Monday, the Southend Fan Protest Group said they would take action the following day unless news of how the deal was progressing was given.

Following Rees' statement, they said it was "great to see an update" but expect "further transparency" as the deal progresses.

Southend are currently 15th in the National League, following the deduction of 10 points in September because of their financial issues, and manager Kevin Maher's plans have been hampered by the transfer embargo which has been in place for over a year.